Renting out property can be an excellent way to make additional income. However, this is not for the faint hearted as the landlord role can become very difficult, time consuming and stressful. Frequently in today’s tight personal financial times, tenants often stop paying their rent and you have to go through a debt recovery and or eviction process to get things back on track. If you do not use a managing agent you might have the phone ringing in the middle of the night to report that the boiler’s not working, or you may have to face constant repairs demanded by the occupier. You may even have to deal with problem tenants. If you are a landlord, you may have had tenants who did not pay their rent or even damaged and abused the property before moving out, leaving you with significant repair costs.
When a tenant stops paying rent for any reason, and you are unable to rectify the situation, it can take up to 3 months for you to have that tenant evicted. In the meantime you will be paying the mortgage payment without any rent money to cover it. In addition you have to clean and repair the property before you can rent it out again.
In today’s market, your property can stay empty for some time, leaving you without rent to cover the mortgage payments. If you want to stay out of trouble with the lender, you need to make sure that you have a cash buffer to make those mortgage payments while the house is unoccupied. Do you really want to retain this liability, or is it time to sell and move on with your life.
Maybe you bought an under-performing property, and instead of earning money, you are not even covering your costs. There are many buy-to-let investors who need to spend their own money every month to cover all mortgage payments, service charges, agency fees etc.When it becomes difficult to maintain your rental properties, it may be time to sell and use the money to do what you really would like.
We can help you
Whatever property portfolio you may have, you may have rentals or other properties that need to be sold quickly. If that is the case, get in touch and let us buy your property hassle free and quickly from you.